Senate Bill S579B

Signed By Governor
2015-2016 Legislative Session

Requires the small business revolving loan fund to issue a certain percentage of its remaining principal or further appropriations to micro loans and micro seed loans

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Sponsored By

Archive: Last Bill Status Via A6621 - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2015-S579 - Details

See Assembly Version of this Bill:
A6621
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-t, UDC Act
Versions Introduced in Other Legislative Sessions:
2011-2012: S7231
2013-2014: S4878

2015-S579 - Summary

Relates to micro-businesses and micro-loans.

2015-S579 - Sponsor Memo

2015-S579 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   579

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by Sen. SQUADRON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

AN ACT to amend the New York state urban development corporation act, in
  relation  to requiring the small business revolving loan fund to issue
  a certain percentage of its remaining principal or  further  appropri-
  ations to micro loans and micro seed loans

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 3 of section 16-t of section 1 of  chapter  174
of  the  laws of 1968, constituting the New York state urban development
corporation act, as amended by section 1 of part II of chapter 59 of the
laws of 2013, is amended to read as follows:
  3. Program loans to small businesses shall be targeted and marketed to
minority and women-owned enterprises and other small businesses that are
having difficulty accessing traditional credit markets. Program loans to
small businesses shall be used for the creation and retention  of  jobs,
as  defined  by the corporation, including: (a) working capital; (b) the
acquisition and/or improvement of real property; (c) the acquisition  of
machinery and equipment, property or improvement; or (d) the refinancing
of  debt  obligations. There shall be [two] THREE categories of loans to
small businesses:  A MICRO SEED LOAN THAT SHALL HAVE A PRINCIPAL  AMOUNT
LESS  THAN FIVE THOUSAND DOLLARS; a micro loan that shall have a princi-
pal amount [that is] NOT LESS THAN FIVE THOUSAND DOLLARS AND  less  than
twenty-five thousand dollars; and a regular loan that shall have a prin-
cipal  amount  not  less  than twenty-five thousand dollars.  THE CORPO-
RATION SHALL PROVIDE THAT NOT LESS THAN FIFTEEN PERCENT OF ANY REMAINING
PRINCIPAL, INTEREST, OR FURTHER APPROPRIATION OF THE FUND  ON  OR  AFTER
JULY FIRST, TWO THOUSAND SIXTEEN IS SET ASIDE FOR MICRO LOANS.  FURTHER-
MORE  THE  CORPORATION  SHALL PROVIDE THAT NOT LESS THAN FIVE PERCENT OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

co-Sponsors

2015-S579A - Details

See Assembly Version of this Bill:
A6621
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-t, UDC Act
Versions Introduced in Other Legislative Sessions:
2011-2012: S7231
2013-2014: S4878

2015-S579A - Summary

Relates to micro-businesses and micro-loans.

2015-S579A - Sponsor Memo

2015-S579A - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 579--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by Sens. SQUADRON, COMRIE -- read twice and ordered printed,
  and when printed to be committed to  the  Committee  on  Corporations,
  Authorities  and Commissions -- recommitted to the Committee on Corpo-
  rations, Authorities and Commissions in accordance with Senate Rule 6,
  sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
  amended and recommitted to said committee

AN ACT to amend the New York state urban development corporation act, in
  relation  to requiring the small business revolving loan fund to issue
  a certain percentage of its remaining principal or  further  appropri-
  ations to micro loans and micro seed loans

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 3 of section 16-t of section 1 of  chapter  174
of  the  laws of 1968, constituting the New York state urban development
corporation act, as amended by section 1 of part II of chapter 59 of the
laws of 2013, is amended to read as follows:
  3. Program loans to small businesses shall be targeted and marketed to
minority and women-owned enterprises and other small businesses that are
having difficulty accessing traditional credit markets. Program loans to
small businesses shall be used for the creation and retention  of  jobs,
as  defined  by the corporation, including: (a) working capital; (b) the
acquisition and/or improvement of real property; (c) the acquisition  of
machinery and equipment, property or improvement; or (d) the refinancing
of  debt  obligations. There shall be [two] THREE categories of loans to
small businesses:  A MICRO SEED LOAN THAT SHALL HAVE A PRINCIPAL  AMOUNT
LESS  THAN FIVE THOUSAND DOLLARS; a micro loan that shall have a princi-
pal amount [that is] NOT LESS THAN FIVE THOUSAND DOLLARS AND  less  than
twenty-five thousand dollars; and a regular loan that shall have a prin-
cipal  amount  not  less  than twenty-five thousand dollars.  THE CORPO-
RATION SHALL PROVIDE THAT NOT LESS THAN FIFTEEN PERCENT OF ANY REMAINING

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

co-Sponsors

2015-S579B - Details

See Assembly Version of this Bill:
A6621
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-t, UDC Act
Versions Introduced in Other Legislative Sessions:
2011-2012: S7231
2013-2014: S4878

2015-S579B - Summary

Relates to micro-businesses and micro-loans.

2015-S579B - Sponsor Memo

2015-S579B - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 579--B

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by Sens. SQUADRON, COMRIE -- read twice and ordered printed,
  and when printed to be committed to  the  Committee  on  Corporations,
  Authorities  and Commissions -- recommitted to the Committee on Corpo-
  rations, Authorities and Commissions in accordance with Senate Rule 6,
  sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
  amended  and  recommitted  to  said committee -- committee discharged,
  bill amended, ordered reprinted as amended  and  recommitted  to  said
  committee

AN ACT to amend the New York state urban development corporation act, in
  relation to micro-businesses and micro loans

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivisions 1, 2, 3, and 5 of section 16-t of section 1 of
chapter 174 of the laws of 1968, constituting the New York  state  urban
development corporation act, as amended by section 1 of part II of chap-
ter 59 of the laws of 2013, is amended to read as follows:
  1.  The  small business revolving loan fund program is hereby created.
The corporation  is  authorized,  within  available  appropriations,  to
provide  low  interest  loans  to community development financial insti-
tutions, in order to provide funding for  those  lending  organizations'
loans  to small businesses, AND MICRO-BUSINESSES located within New York
state, that generate economic growth and job creation  within  New  York
state  but  that  are unable to obtain adequate credit or adequate terms
for such credit. If in the discretion of the corporation the  use  of  a
community  development  financial  institution  is not practicable based
upon the application of rules and regulations developed  by  the  corpo-
ration,  including,  but  not  limited to, assessments of geographic and
administrative capacity, then  the  corporation  is  authorized,  within
available appropriations, to provide low interest loans to the following
other  local community based lending organizations: small business lend-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

co-Sponsors

2015-S579C (ACTIVE) - Details

See Assembly Version of this Bill:
A6621
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-t, UDC Act
Versions Introduced in Other Legislative Sessions:
2011-2012: S7231
2013-2014: S4878

2015-S579C (ACTIVE) - Summary

Relates to micro-businesses and micro-loans.

2015-S579C (ACTIVE) - Sponsor Memo

2015-S579C (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 579--C

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by Sens. SQUADRON, COMRIE -- read twice and ordered printed,
  and when printed to be committed to  the  Committee  on  Corporations,
  Authorities  and Commissions -- recommitted to the Committee on Corpo-
  rations, Authorities and Commissions in accordance with Senate Rule 6,
  sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
  amended  and  recommitted  to  said committee -- committee discharged,
  bill amended, ordered reprinted as amended  and  recommitted  to  said
  committee  -- committee discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee

AN ACT to amend the New York state urban development corporation act, in
  relation to micro-businesses and micro loans

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivisions 1, 2, 3, and 5 of section 16-t of section 1 of
chapter  174  of the laws of 1968, constituting the New York state urban
development corporation act, as amended by section 1 of part II of chap-
ter 59 of the laws of 2013, is amended to read as follows:
  1. The small business revolving loan fund program is  hereby  created.
The  corporation  is  authorized,  within  available  appropriations, to
provide low interest loans to  community  development  financial  insti-
tutions,  in  order  to provide funding for those lending organizations'
loans to small businesses, AND MICRO-BUSINESSES located within New  York
state,  that  generate  economic growth and job creation within New York
state but that are unable to obtain adequate credit  or  adequate  terms
for  such  credit.  If in the discretion of the corporation the use of a
community development financial institution  is  not  practicable  based
upon  the  application  of rules and regulations developed by the corpo-
ration, including, but not limited to,  assessments  of  geographic  and
administrative  capacity,  then  the  corporation  is authorized, within
available appropriations, to provide low interest loans to the following
other local community based lending organizations: small business  lend-
ing  consortia,  certified  development  companies,  providers of United
States department of  agriculture  business  and  industrial  guaranteed

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